Talking about wealth: what happens if the government took on the mortgage debt?

Initially government assets would rise exponentially, but the these assets would be gradually over time transferred to the mortgagee.

So say the interest rate was set at the current the government pays for its deficit.

This in effect would increase the overall wealth in society without increasing the very wealthy assets.

I’m laying my sick bed here so no doubt my logic is scrambled.

But just a thought